Trick 1:- to remember Fundamental principles of ACCA and IFAC code of ethics ?

ACCA IOCCC (Integrity, Objectivity, Competence, Care and skill, Courtesy)

IFAC IOCCC(Integrity, Objectivity, Competence & care and skill, Confidentiality,
Conduct (prof. behaviour)
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Trick 2 All ISAs are now conform to a standard format, but what is this format ?
Answer RADIO
I Introduction
O Objective
D Definitions
R- Requirements
A Application and other explanatory information
3
Financial Statements Assertions
Trick to remember ACCA COVER
A Accuracy
C Completeness
C Cut Off
A Authorisation
C Classification
O Occurrence
V Valuation & allocation
E Existence
R Rights and Obligation
4
Before auditor can rely on someones (other professionals) work, audit firm should
perform REQI
R Reputation
E Experience
Q Qualification
I Independence
Keept it up guys!, here is another one.
Methods of obtaining audit evidence
A analytical procedures
E enquiry of knowledgeable partied / external confirmation
I inspection of records
O observation
U recalculation / reperformance
Internal Control Objective]: ASTEP
A=Accuracy
S=Safeguard of assets
T=Timely prepared
E=Efficient business conduct
P=Prevention fraud and non-compliance of law
Audit Planing/Strategy: Marksat
M=Materiality level
A= Analytical procedure
R=Risk (AR=IR+CR+DR)
K= Knowledge of the business
S=Staff
A=Audit approach
T=Timing
Any question that asks what matters should be considered when planning an audit th
e answer should be given in the following format :
Mrs.
M Materiality
R Risks related
S Standards may be accounting or auditing standards.
To verify an expert / component auditor you can use the acronym SODIT
S structure
O organisational structure
D due care and diligence
I independence
T technical competence